tv On the Money CNBC July 26, 2015 7:30pm-8:01pm EDT
a time a time to cheer over here. a long lost book called "what pet should i get" will be released next week, discovered two years ago, likely written in the 1950s or the 1960s. up next, on the money. with doctors putting me call records on the cloud, is your privacy in danger? later, a different kind of therapy. how a seat on the couch could improve your attitude about money. right now, as we head to the break, look at how the stock market ended the week.
after after years of political ra wrangling, there's certainty in the affordable care act. what's next? will there be innovation in the ways you get your health care? the ceo of athena health, a cloud based service providing recordkeeping and medical billing for 65,000 doctors. thank you for being here today. >> sure. >> we have certainty, at least. it looks like the affordable care act is here, at least to stay, tweaked on the edges, but here to stay. >> the biggest government obstacle to business is political uncertainty. tell us the rules, stop moving
them, and we'll invest. that's now in place. >> what do you think of the rules? >> i wouldn't have done it, but it's done, so, anyway, game on, you know, employers have the opportunity to be somewhat creative. third party insurances don't have a lot of flexibility to be creative, and they are merging into oblivion, which is fine. they were not useful before obamacare. useful in the early 1990s when they were health management organizations managing price, costs and networks aggressively. they merge out of the game. they are going the way of the dodo bird, and new entities emerging up now. >> do we get to a single payer system? >> as much as obamacare rhymes with the structures perfect, you can find analogs in the u.k., and holy, [ bleep ], it's there. >> uh-huh. >> i think the cards are mostly in favor of a nice renaissance coming, and, now, you're starting to see the popping up
of new more innovative ways to digitally deliver health. >> like what? >> a trthena health is. >> why as a consumer is good? >> sure. athena connects doctors to patients digitally. that's amazing. >> this is one of the oh, my gosh, i can't believe we have not been doing this for years. >> we are doing our hair on open table, you know, and we can't, like, coordinate complicated method call visits online. >> or make sure the doctors have all the records. >> connecting doctors to each other. amazing. in 2015, our companies do not give us computers with cd slots anymore, right? >> right. >> so that connecting doctors to each other is beginning. connecting doctors to payment r for results, paid for inputs, not output, and no innovation. why is this industry slow to change? are they -- a lot of offices were small practices without an.
you have each run by guys who couldn't get jobs at real i.t. companies, using off the shelf software not used in the rest of society. that's a block. there's good blocks ache hippocratic oath, protecting privacy, cautious with the experiments, but it's happening anyway. >> i have to ask you this, though, i agree with you it's long overdue. i can't believe doctors have not been able to do this or hospitals have not been able to do this. >> yep. >> however, when you start talking about putting people's medical records and cloud based systems or in places that could be somehow hacked because it seems like we hear of a hack every day. >> hack a week. >> that's a big deal. >> it is. >> particularly when you don't necessarily have the topnotch it guys coming to the places to fix it. >> that's right. >> how can i feel safe as a consumer? >> first of all, obviously, it's a big deal. we have to protect privacy, but we made a trade elsewhere in our lives. i want the bad guys to see colin
rather than my credit card. >> if they hack it, it's the bank's problem, not my fault. someone hacks my medical records and down the line i have a tougher time, the insurance rules have changed, but what about my children's medical records. there's things i don't want out there. >> the way it's emerging, the commercial sector doing this, health care providers, and stuff, are going to be accountable for protecting privacy, and we'll work on the edge of being accessible and safe. it can be totally safe and useless to people. we don't want that. it's a real deal, but we know how to do it now. we've done it in other sectors. >> what's it like in five years? >> health care internet. the buy and share of routine health care will be happening, will be managed, the crap work is managed online, sure of it. >> perfect. thank you so much for joining us. >> a real treat. up next, "on the money"
according to the american psychological association, but our senior personal finance correspondent is here to tell us about a new way to help you with your money, your future. heir, sharon. >> so many of us are stressed out, and the american psychological association says money is the number one source of stress in our lives. what can you do about it? well, prerhaps you should get o a couch. amanda clayman is a new breed of therapists addressing the most taboo subjects, money. she has a masters degree in social work and focuses on financial wellness, calling herself a financial therapist. >> money is a very emotional part of our looifrs, and if we think about it, money touches the most intimate aspects of who we are, what we do, how we choose to spend time. >> reporter: a new practice, there's no certification or accreditation for financial therapy, but the financial
therapy association formalized in 2010 has a mission of bringing together 200 mental health and financial professionals as members. the financial plans association has over 17,000 members. clayman says while there are differences between financial planning and financial therapy, they are not mutually exclusive. >> traditionally, psychotherapists are loathed to deal with clients or patients' financial issues, and personal finance professionals shy away from the emotional discussions that drive behaviors. >> i personally work with people who are considered working for, but people who make a lot of money. >> reporter: financial therapy is not covered by insurance, so someone in need of financial help may find the cost out of reach. others may wonder if it's worth it. >> most people don't need a financial therapist. we all make mistakes with our money. that is going to happen. it's par for the course. yes, we all have certain dysfunctions built into how we interact with money based on life experiences, very much our
upbringing. >> reporter: some people may need more emotional help. >> i help them really understand that they are not just messy or bad at money, that there's something that's happening here that they can better understand and better work through. >> reporter: clayman says she never offers investment advice like other financial therapists. she works in conjunction with investment advisers, tax professionals, and others to help clients. if you want to know what services are offer and what qualifies them to do so, you need to make sure you ask a lot of questions, becky. >> sharon, is there something, maybe signs that tell you you're a good candidate for financial therapy? >> well, a couple are, you know, if you avoid money, never talk about it, don't want to deal with it, you have a problem with that, enabling people to have money when you're not going to have it yourself, that happens with people with adult children, they get everything, and they are not learning responsibility and you're underwater. what's odd, is if you overly frugal or don't deserve to be
wealthy. that's another problem often people have that's a sign that you have emotional issues to deal with as well as financial issues to work through. >> sharon, good advice. thank you. >> sure. up next "on the money," news ahead, and no strings attached, how a small family business grew to a multimillion dollar business with a worldwide sound.
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follow us on twitte twitter @onthemoney. here's stories that may impact your money this week. social media mammoths, twitter and facebook, report earnings as well as chevron and exxon mobile. monday, durable report for june comes out, and tuesday, schilling home index price for may, and closely watched two day meeting by the federal reserves open market committee gets underway. we will see if there's any word about an interest rate hike. thursday, the first read of the gross domestic product is released, and on thursday, it marks the 50th anniversary of the signing of the bill creating medicare and medicaid. it's not uncommon to see a family business fizzle out after a generation or two, but one family has kept the tradition going for centuries. here's more on the sweet sound of success. >> that's right. they are making italian ancestors proud. take a look. >> reporter: that's the sound of
a 300-year-old family trade kept alive. it began in italy in 1680 in a town called soli. jim is continuing the tradition today in farmingdale, new york. >> it was famous for string makers, and still there are four family businesses that came out of that town that are still making strings. >> reporter: jim's grandfather, charles, brought the tradition to america when world war i embargoes disrupted his string importing business. jim's father joined the business in the 1930s, and jim was just a teenager when he decided he, too, wanted in. >> once i fell in love with playing the guitar and being in a band at 13, 14 years old, i suddenly became the string tester and product development guy, you know, at a very early young age for my dad. >> reporter: the family business has come a long way since 1680. this is a 110,000 square foot facility where they manufacture
7 hur 700,000 strings today. >> what we do today, my grandfather would not recognize. >> reporter: constantly updating. they invested almost $10 million in new technology enabling the company to make 95% of its products in america. >> these are the most sophisticated machines we have. >> reporter: they employ 1200 people and projects $175 million in sales this year. global exports make up half the business. >> we've had some people like john mclaughlin from the 70s, and today, we have really big name people like keith urban, lenny cavitz and more. >>. >> reporter: the company's transition from strings to drum heads, reeds, and other accessories. >> how do they figure out how to do succession planning? who takes over? >> they are protective, obviously, but jim is proud they are in the fourth generation successfully in america. as you mentioned, it's not common. they have about nine family
members still working in the business, and every year, they have a summit getting everyone in the family that has a stake in the business together to talk it out that has 40 family members and thinks between all those people, they find someone with the chops to pass it on to. >> it's 150 years older than our country. kudos to them. >> doing something right. >> thank you very much. that's the show today. i'm becky quick, and thank you so much for joining me. next week, a new startup shopping site that wants to go head to head with amazon. sounds crazy, but the gentleman had experience with this in the past. how they can save you money and make a profit. each week, keep it right here, we're "on the money" have a great one, and we'll see now next weekend. if you can't stand the heat,
>> in this episode of "secret lives of the super rich"... money may not buy you happiness, but $25 million will buy you nirvana. >> those are the gates to heaven. [ laughs ] >> it's the only buddhist mansion that comes with a temple to the god of disco and a super-rich bachelor who needs lots of security. >> unfortunately, i have a lot of crazy ex-girlfriends. >> it's the only agera s in the united states. >> how one man scored the keys to 50 super-rich rides. unveiling the secrets to building a mega-mansion. >> it is the first personal imax theater in a home anywhere in the world. >> luxury cars and fancy hotel rooms don't come cheap, esal